What are some examples of external factor?

Answer 1

External factors are influences that originate outside an organization and can impact its performance and decision-making. Examples include economic conditions, such as inflation and unemployment rates; social and cultural trends, like changing consumer preferences; technological advancements that can alter industry practices; and regulatory changes imposed by government policies. Additionally, competition from other businesses and global events, such as pandemics or geopolitical tensions, are also significant external factors.